What’s the Deadline for Claiming a Debt? - Cobra Financial Solutions Ltd

No-nonsense, straight-talking debt collection service

A lot of people make the mistake of assuming that a debt can be claimed at any time, not realising that there is a clear deadline. If someone owes you money, it’s always important to act quickly. This is because there is a deadline of six years for claiming a debt, as stated in the Limitation Act 1980. If you attempt to claim a debt after this deadline has passed, it’s likely that you will be disappointed.

If you are owed money from a number of years ago, you may be wondering if you can still make a claim for the debt. If you are in England, Wales or Northern Ireland, the deadline is six years since you last attempted to claim the debt, or since the debtor last wrote to you or made a payment. After this deadline, it becomes ‘statute barred’ and the debt is unenforceable. It’s slightly different if you are in Scotland, as the term used is ‘prescribed’ and the deadline is slightly less at five years.

Exceptions to the Rule

The majority of the exceptions to this rule won’t apply to you, as they apply to recovering tax and tax related debts. However, if you have already started action to obtain a court judgement or court order before the limitation period of six years has passed, the debt can never become ‘statute barred’. This means that you can attempt to recover the debt, even after the deadline, as long as you have started court judgement or court order proceedings beforehand.

This is important to know, as it could mean that you are able to recover a debt from many years ago. Don’t simply assume that you are unable to recover a debt because it was owed over six years ago, as there are exceptions to the rule.

The Importance of Acting Quickly

As there is a clear deadline for claiming a debt, it’s important to act quickly. The sooner you start action, the sooner your debt can be recovered and the money rightfully paid to you. Not only does this mean that you will receive your money sooner, and the stress of the debt can be put behind you, but it means you avoid any risk of missing the deadline.

This is why we recommend calling in debt collection specialists as soon as you can, such as the dedicated team here at Cobra Financial, to get the ball rolling sooner rather than later. Once you have contacted us, we work quickly to recover money from your debtors.

As long as you have proof of the debt, we will attempt to collect it on your behalf using our wide range of debt recovery services. Get in touch with our helpful team or give us a call on 0151 526 4222.

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